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Spatial structure of the 12-hour wave in the Antarctic as observed by radar

first_imgWe present radar measurements of the 12-hour wave, a zonal wavenumber 1 westward propagating wave that exists in the southern polar mesopause region winds (Hernandez et al, 1993; Forbes et al, 1995). MF radar measurements of the horizontal winds at McMurdo (77.8° S, 166.67° E) show that the 12-hour wave is highly seasonal, occurring during the austral summer solstice. During these seasonal occurrences, the wave is highly intermittent with amplitude peaks of 30 m s-1. The burst-like occurrences of large 12-hour wave amplitudes are highly correlated between the zonal and meridional direction. The diurnal tide over McMurdo has a more constant amplitude, but it is also an almost exclusively summertime phenomenon. Inertia-gravity wave activity is evident at periods less than 12 hr during the austral winter months. The weakening of gravity wave activity during the summer is probably due to critical layer filtering by the zonal mean wind, 12-hour wave and diurnal tide which are all strong during this season. The 12-hour wave is confined in height to the vicinity of the zero crossing in the zonal winds above the westward jet. Extreme distortion is observed in the vertical phase fronts of the 12-hour wave which could signify either refraction or in situ forcing. The distortion in the phase fronts and localization of the 12-hour wave in time and height is apparently responsible for departures in period from the nominal 12 hours. We do not find the wave period to be systematically different from 12 hours. The association of the 12-hour wave events with shear in the mean wind suggests that refractive effects could conceivably cause a dilation in wave amplitude. However, the shear is of the opposite sign to cause this dilation unless the wave originates at higher altitudes and propagates downward into the mesosphere. Investigations are made of the zonal structure of the 12-hour wave by comparing phases of the 12-hour wind component between McMurdo and the dynasonde at Halley (75.8° S, 26.4° W). The phase is found to be stable and consistent with a westward propagating zonal wavenumber 2 structure during seasons when the 12-hour wave is weak. The migrating semidiurnal tide evidently dominates during these times of the year. During seasons when the 12-hour wave amplitude is large, the zonal structure is highly unstable and there is not an obvious dominant zonal wavenumber.last_img read more

British man runs marathon in his 20-foot backyard during COVID-19 lockdown

first_imgGeorgia tells residents to watch out for spring bear sightings On Wednesday, James Campbell of Cheltenham, England, ran 26.2 miles in his 20-foot backyard. The fete took over five hours. Tens of thousands tuned in to watch the live stream as Campbell ran back and forth between his back door and his garden shed in what he deemed the #6MetreGardenMarathon. The outdoor industry continues to come through in a big way during the pandemic. The most recent example is Osprey’s announcement that their Cortez, Colorado-based warranty and repair team will exclusively sew fabric masks that they will distribute to Southwest Memorial Hospital and the local health department. Osprey’s team has the capacity to sew 100 fabric masks a day. The masks can be worn over N95 medical-grade masks. “In this unprecedented time, I am inspired by our team’s response,” said Layne Rigney, President of Osprey Packs. “The repair team is giving our entire company something to be proud of.” Spring is here and bears are emerging from their dens after a winter of dormancy (biologists call it “torpor.”) Georgia Department of Natural Resources’ Wildlife Resources Division is reminding residents that spring sightings of black bears are common at this time of year and should be expected.  Photo from Getty Imagescenter_img Campbell is a competitive javelin thrower and told the Washington Post he had been feeling bored and restless during the coronavirus lockdown. His effort raised $22,000 for Britain’s National Health Service’s effort to fight COVID-19. “As you can imagine, bears and hungry and ready to find food when they leave those dens. This search for food can sometimes put them a little too close to people,” says Adam Hammond, a state bear biologist. To say safe, Hammond advises the public never to feed or approach bears; secure food, garbage and recycling bins; remove bird feeders when bears are active; never leave pet food outside; clean and store grills; and let your neighbors know if you see bears in your neighborhood. Osprey’s warranty and repair team to exclusively sew masks for healthcare workers British man runs marathon in his 20-foot backyard during COVID-19 lockdownlast_img read more

Update on the latest sports

first_imgSILVERSTONE, England (AP) — Max Verstappen has sprung what could be the surprise of the Formula One season by beating Lewis Hamilton to win the 70th Anniversary Grand Prix. The Red Bull driver crossed the line at Silverstone 11.3 seconds clear of Hamilton, with Valtteri Bottas third. Mercedes had been expected to cruise to their fifth win from as many rounds this season. But both Hamilton and Bottas struggled with their tires to clear the way for Verstappen to take an unlikely win. Charles Leclerc finished fourth for Ferrari ahead of Red Bull’s Alexander Albon. Racing Point’s Lance Stroll was sixth. Hamilton will head to next week’s Spanish Grand Prix with a 30-point championship lead over Verstappen. August 9, 2020 Associated Press Update on the latest sports Booker has not been to the playoffs with the Suns, who have not made the postseason in 10 years. The Suns are 5-0 so far inside the so-called bubble at Walt Disney World, which is playing host to the NBA’s restart, and that streak has moved Phoenix into playoff contention.The league tightened its rules before this season when it comes to matters such as player tampering.NFL-NEWSWashington activates linebacker Reuben Foster off PUP listUNDATED (AP) — The Washington Football Team has activated linebacker Reuben Foster off the physically unable to perform list. The team made the move days ahead of the start of on-field training camp workouts. Share This StoryFacebookTwitteremailPrintLinkedinRedditMLB-NEWSPirates-Cardinals game slated for Monday postponedUNDATED (AP) — The Pittsburgh Pirates will not travel to St. Louis on Sunday and Monday’s opening game of their three-game series with the Cardinals has been postponed while St. Louis deals with a COVID-19 outbreak. — Michael Wacha (WAH’-kuh) has been placed on the injured list because of right shoulder inflammation three starts into his one-year contract with the New York Mets. Manager Luis Rojas said before Sunday’s game with Miami that Wacha felt pain in his shoulder after allowing four runs in five innings on Friday. Wacha is 1-2 with a 6.43 ERA this season. He pitched five innings of one-run ball in his debut July 27 in Boston, but has allowed nine runs over nine innings in his past two starts.NBA-GREEN FINEDNBA fines Draymond Green $50,000 for Devin Booker commentsLAKE BUENA VISTA, Fla. (AP) — Golden State Warriors forward Draymond Green’s suggestion for Devin Booker’s future did not amuse the NBA. The league fined Green $50,000 on Sunday for violating the league’s anti-tampering rule with comments about Booker, who is the Phoenix Suns’ star guard.Green said Saturday during an appearance as an analyst for TNT: “Get my man out of Phoenix. It’s not good for him. It’s not good for his career.” Foster, now 26, tore the ACL in and caused additional damage to his left knee during offseason workouts in May 2019. He missed the entire 2019 season. Washington claimed him off waivers in November 2018. The San Francisco 49ers released Foster after a domestic violence incident at the team hotel on the road in Tampa, Florida. Prosecutors decided to drop charges citing insufficient evidence, and the NFL fined Foster but did not suspend him.In other NFL news:— Wide receiver Chester Rogers has signed with the Miami Dolphins, providing a reinforcement at a position where two players earlier opted out for the season. Rogers started 22 games from 2016 to 2019 with the Indianapolis Colts. He has 111 career receptions for 1,221 yards and five touchdowns. Miami earlier signed receiver Ricardo Louis. Receivers Albert Wilson and Allen Hurns opted out because of the coronavirus.F1-70TH ANNIVERSARY GPVerstappen storms to unlikely victory over Mercedes duo The Pirates canceled their flight to St. Louis scheduled for Sunday evening. It’s unclear whether the other two games in the series will be salvaged. The Cardinals have not played since July 30. The postponement marks their 11th game derailed by the outbreak.The Cardinals have not played since July 30. Monday’s postponement marks their 11th game derailed by the outbreak.In other MLB news:— Pittsburgh Pirates utility infielder Phil Evans will miss the remainder of the season after suffering a concussion and fracturing his jaw in a collision with teammate Gregory Polanco in foul territory. Evans was injured when Polanco’s right elbow hit Evans in the face while the two were chasing down a flyball hit by Detroit’s Miguel Cabrera. Evans briefly lost consciousness on the play, but director of sports medicine Todd Tomczyk says he is expected to make a full recovery. Evans was placed on the 45-day injured list, but the shortness of the 2020 season means he will not return this year.— The New York Yankees have placed slugger Giancarlo Stanton on the 10-day injured list with a left hamstring strain. The move was announced before Sunday’s game against the Tampa Bay Rays. Stanton was hurt in Game 2 of Saturday’s doubleheader with the Rays while advancing from first to second base on a wild pitch. He hurt his right calf during spring training and had spent time during the coronavirus-caused shutdown rehabbing at the Yankees’ spring training complex in Tampa. Stanton was limited to 18 games in 2019 due to several injuries. Infielder Thairo Estrada was recalled from the alternate training site.last_img read more

Jerick McKinnon injury update: 49ers back (ACL) activated from PUP list

first_imgHe opened training camp this year on the PUP list after suffering a setback in his rehab process when the surgically repaired knee flared up, 49ers GM John Lynch said early in camp.In four seasons with the Vikings, McKinnon had 474 carries for 1,918 yards and seven touchdowns. He added 142 receptions for 421 yards and five TDs. Related News Niners running back Jerick McKinnon, who missed all of last season with a torn right ACL, has been activated from the physically unable to perform list, the team announced Tuesday.McKinnon, 27, signed a four-year, $30 million free agent deal with the 49ers last offseason and was projected to be the team’s No. 1 back before suffering the injury on Sept. 1. Before his injury, McKinnon was projected to be a pass-catching weapon out of the backfield after recording 51 receptions in 2017.Now he joins a crowded running back picture in San Francisco. Seahawks All-Pro linebacker Bobby Wagner sidelined after ‘procedure’center_img Ezekiel Elliott contract: Cowboys star’s no deal-no play ultimatum ‘news to us,’ COO says Third-year back Matt Breida stepped up to fill the void McKinnon’s injury left in 2018, rushing for 814 yards (5.3 per carry) and three touchdowns. The team also signed free agent Tevin Coleman, who had more than 1,000 yards from scrimmage (800 rushing) for the Falcons last year with nine combined touchdowns. Raheem Mostert also is listed on the unofficial depth chart.”It’s more of [determining] a pecking order,” coach Kyle Shanahan told reporters earlier in the week (via ESPN.com). “Just let it play out. I think we’ve got a pretty good feel for all the guys. We kind of have an idea what they can do … we just want those guys repping. Right now, we don’t really care what the play is. … We want them to compete and hopefully it sorts itself out. If it doesn’t, they’re going to make me have to make a very tough decision.”The 49ers open the preseason Saturday at home against the Cowboys. San Francisco’s regular-season opener is Sept. 8 against the Buccaneers in Tampa.last_img read more

Nelson Mandela Bridge goes pink

first_imgAlong with other global landmarks, Nelson Mandela Bridge in Johannesburg will be illuminated in pink for the month of October to raise awareness of breast cancer.For the fourth year running, the City of Johannesburg has partnered with international cosmetics company Estée Lauder to highlight breast health and early detection of the disease.October is Breast Cancer Awareness Month.Nelson Mandela Bridge PINK ILLUMINATION in support of breast cancer awareness drive. #breastcancerawareness ^LM pic.twitter.com/3AbFhVgnsd— City of Joburg (@CityofJoburgZA) September 21, 2016“The lighting of the Nelson Mandela Bridge will serve as a reminder that the earlier breast cancer is detected and diagnosed, the better are one’s chances of beating it,” said Dr Mpho Phalatse, the member of the mayoral committee for health and social development.South Africa was ranked 50th on the World Cancer Research Fund list of countries with the highest cancer prevalence rates, the city said.“Breast cancer now represents one in four of all cancers in women and is the most prominent cancer in women worldwide, increasing particularly in developing countries, where the majority of cases are diagnosed in late stages,” said Estée Lauder SA general manager Loren Dreyer.She said calling attention to breast cancer “serves to create a dialogue around taking a conscious interest in one’s health”.Watch:Source: City of JohannesburgWould you like to use this article in your publication or on your website? See Using SouthAfrica.info materiallast_img read more

29th Annual Buckeye Farm Antique, Inc. Show highlights

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Lea Kimley, OCJ field reporterThe Memorial Day weekend was marked with a tradition of traditions at the Shelby County Fairgrounds with the 29th Annual Buckeye Farm Antique, Inc. Show.“From 1 to 101 there is something for everyone,” said Ester Geyer, the event coordinator. “There are nearly 500 antique tractors to see, free comedy entertainment, flea market hunting, and tractor pulls.”International Harvester Chapter 6 was celebrating 25 years. The club originally formed at the antique show. Dennis Wilson, member secretary, brought a unique international truck that was built in Ohio at the Springfield plant. He will travel a few more places this summer anticipating the restoration of another one of his prized processions. Wilson has been an active member of the club for 15 years.“These shows are great because of the people,” Wilson said. “That’s my favorite part.”There were a few new attractions at this year’s show. Both a wood carver and blacksmith ventured to Sidney and had interesting stories to tell. Dayle Lewis, wood carver, has been perfecting his sculptures for 20 years. His business grew to chainsaw carving as soon as he tried the craft for a Christmas present.Jack Howison, blacksmith, was inspired when seeing a fellow blacksmith’s craftsmanship. Howison eventually learned more about the Southern Ohio Forge and Anvil (SOFA) and became a member. There are 900 members making it the largest blacksmith organization in the world. Lewis and Howison both turned their enjoyable hobbies into a thriving business. There was a lot of excitement for these new additions to the show.Every tractor sitting on the fairgrounds embodied a unique story. Three generations of the Luedeke Family exhibited a John Deere antique tractor at the show. There were rows upon rows of antique tractors in every shape, size, and color. However, all the owners shared the same appreciation for the hobby. It is the personal connection to the craft and the tradition that has kept everyone coming back for 29 years. Three generations of the Luedeke Family exhibited a John Deere antique tractor at the show. Jack Howison, blacksmith, was interested in the work on display at the show. Wood carving was featured at the show. Dennis Wilson brought a unique international truck that was built in Ohio at the Springfield plant. Dale talked with Ester Geyer, the event coordinator.last_img read more

2019: Elections, cricket World Cup and final season of GoT

first_imgBy far the event that will take up most of the mind space of Indians is the general election. That political Kumbh will most likely take place around April-May. Recent assembly election results have added vim to the Opposition ranks.There are a few assembly elections that are likely to be held with Lok Sabha one — Andhra Pradesh, Arunachal Pradesh, Haryana, Jammu and Kashmir, Jharkhand, Maharashtra, Odisha and Sikkim.And here are some other events that will keep us glued to our seats. Events that will mark our spiritual, cultural and sporting calendar.JANUARY15: One of the largest religious events in the world starts. According to authorities nearly 15 crore devotees are likely to attend the Ardha Kumbh Mela in Allahabad. Kumbh Mela is held once in every 3 years. (Photo: Reuters)22-25: The annual huddle of the global who’s who will take place in the Swiss resort town of Davos. Outcomes are irrelevant as leaders from business, politics and entertainment come together to shake hands and air-kiss.FEBRUARY1: Union budget. What goodies will Arun Jaitley shower on voters in an election year? (File Photo: PTI)18: International Court of Justice to hear former India naval officer Kulbhushan Jadhav’s case18-27: Taj Mahotsav — the festival in Agra will showcase Indian culture and traditions. (Photo: tajmahotsav.org)Jashn-E-Rekhta: The dates for this festival that celebrates Urdu culture and language are yet to be decided; but likely sometime in February, in Delhi.MARCH1-7: Hundreds of yoga practitioners and enthusiasts are likely to reach Rishikesh for the International Yoga Festival.advertisement Prime Minister Narendra Modi participated in a mass yoga event on 3rd International Day of Yoga in 2017. (Photo: PTI)6: The four-day Goa carnival — which usually starts on Lent — is particularly big in Goa. Sabado Gordo, Fat Saturday, starts it off with elaborate parades, and the revelry continues with street parties, concerts and general merrymaking.8: All eyes will be focused on Marvel Studios’ first female-led superhero film, Captain Marvel. It would be fun to watch whether Brie Larson is able to pull off the strongest character (yet) of the Marvel Universe. Captain Marvel. (Photo: IMDb)29: Britain will disconnect from the European Union, severing a nearly four-decade old union. Trade, travel and diplomatic ties are going to see an upheaval.APRILFor all the Jon Snow and Daenarys fans out there, to everyone’s excitement and dismay, the final season of Game of Thrones will be coming out in April. So buckle up for the fight between Fire and Ice. The dates are yet to be announced. (Photo: IMDb)30: Emperor Akihito of Japan leaves the throne, the first to do so in 200 years.MAYMay 30-July 14: For cricket fans, which means nearly the whole country, will be glued to their TV sets as the curtain goes up on the cricket World Cup. Ten teams will play in the 12th edition of the tournament to be held in England and Wales. Can India win it once again?JUNE1: Pop lovers of a certain vintage will jump up with joy; Spice Girls start their reunion tour; but sorry no Victoria alias Posh Spice.June 7-July 7: France will be host to the 52 matches which will determine the winner of the eighth edition of women’s football World Cup.28: G20 summit in Osaka. With the US and China sparring over a number of issues, the summit will draw a lot of attentionSEPTEMBERSeptember 20-November 2: The 9th edition of the Men’s Rugby World Cup (rugby union) is scheduled to be held in Japan.23: UN Secretary-General Antonio Guterres will convene the UN 2019 Climate Summit. The theme will be ‘A Race We Can Win. A Race We Must Win’.OCTOBERAgent Running in the Field is released. Will master spy writer John le Carre spin another intellectual thriller? (Photo: Penguin Books)NOVEMBER12: Kartarpur Corridor opens on Guru Nanak’s 550th birth anniversaryDECEMBERIf all goes well, the month will see Isro launch its first unmanned space mission (Photo: PTI)last_img read more

Frame law to ban output sale of ecigarettes commerce ministry requests health

first_imgNew Delhi: The commerce ministry has asked its health counterpart to frame law banning manufacture and sale of e-cigarettes in the country as in the absence of a domestic legislation, it would not be possible to put a blanket ban on its imports, sources said. The health ministry had asked the commerce ministry to issue a notification banning import of Electronic Nicotine Delivery Systems (ENDS), including e-cigarettes and flavoured hookah. “Without banning domestic sale and manufacturing of ENDS through a law, it will be an infringement of global trade norms to put an import ban,” one of the sources said. Also Read – Thermal coal import may surpass 200 MT this fiscalIn August last year, the health ministry had issued an advisory to all states and Union Territories (UTs) to stop the manufacture, sale and import of ENDS after the Delhi High Court took strong exception to the Centre for delay in coming up with appropriate measures to tackle the “new emerging threat” of e-cigarettes in the country. In March, the Central Drugs Standard Control Organization also directed all drug controllers in states and UTs not to allow the manufacture, sale, import and advertisement of ENDS, including e-cigarettes and flavoured hookah, in their jurisdictions. Over 1,000 doctors from 24 states and 3 UTs in April this year urged PM Narendra Modi to enforce a ban on ENDS before it becomes an “epidemic in India”. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostElectronic cigarettes or e-cigarettes are devices that do not burn or use tobacco leaves but instead vaporise a solution, which a user then inhales. The main constituents of the solution, in addition to nicotine, are propylene glycol (with or without glycerol and flavouring agents). In its general advisory to public in August 2018, the health ministry had said that as per the World Health OrganizationWHO report on the Global Tobacco Epidemic 2017, govts of 30 countries have already banned ENDS.last_img read more

In This Issue   Dollar is mixed today   Aus

first_imgIn This Issue. *  Dollar is mixed today. *  Aussie Consumer Confidence drops slightly. *  German Industrial Production rebounds. *  Gold slips up And, Now, Today’s Pfennig For Your Thoughts! Yellen To Be Nominated Today. Good day.  And a Wonderful Wednesday to you! What day is it? Come on, you know what day it is. Mike, Mike, Mike, what day is it? It’s Hump Day!  I’m smiling like a Cheshire Cat thinking about that commercial! I’m not smiling about the President’s choice as the new Fed Chair. Basically, you could put all the Fed Heads together, and I would prefer to pick someone outside of the room. But then that’s just me. I would rather, after years of trying, the “Greenspan and Bernanke way” to attempt something different. Like leaving the economy and markets alone! Of course, I’ve had disagreements with everyone from here to Siberia about all of this over the years, but I’m someone that believes that we would be far better off without a Central Bank. To let the markets dictate interest rates, and if financial institutions have problems, they need to work them out or fail.  I doubt the newly nominated Janet Yellen is going to have those same ideas, and so we continue on with the “Greenspan, Bernanke way”. I saw an email alert from the WSJ yesterday afternoon letting me know that the President was about to nominate Yellen as Fed Chair. And this morning, the commentators, and I don’t mean the ordinary potatoes from Idaho, are all finding stories to write about this nomination. Japanese PM Abe is already applauding the nomination, and an analyst in China thinks that this nomination means it’s “continuing renminbi gains”. The first day of currency trading with this news filtering through the markets has the dollar a bit stronger VS euros, pounds, francs, loonies,  yen and renminbi, and weaker VS the dollars of Australia and New Zealand.  I guess as far as the media is concerned this nomination of Yellen is a “done deal”, and she become the first female Fed Chair. I find it interesting that the Aussie dollar (A$) is working its way higher this morning, given that Aussie Consumer Confidence printed weaker this month, last night. Of course, this downward move follows two consecutive months of strong gains, so this could simply be a correction. My friends over at RBC, who I told you how they said the calls for no more rate cuts were premature, were out again yelling from the rooftops that they believe another 25 Basis Points rate cut is in the cards for Australia. So, the A$ is stronger this morning despite all this negative stuff.  The A$’s kissin’ cousin across the Tasman, the New Zealand dollar / kiwi, is also stronger this morning, probably hanging onto the A$’s coattails. You know, I think the moves in these two play well with the thought I was going to talk about today, and that is interest rate or yield differentials, they seem to be playing a larger role in currency values these days than they had in the past 5 years.  Kiwi for example is getting bid up on the thought that the Reserve Bank of New Zealand (RBNZ) will be the first Central Bank in the industrialized world to hike rates next year. New Zealand’s Current Account Deficit still stinks, but the smell dissipates a bit with higher interest rates. And don’t think for a minute that yield differentials are playing into the euro’s 2% rise in the past month. I saw a story on the Bloomberg this morning that said that “Spanish and Italian bonds offer higher yields and less volatility than U.S. Treasuries.”   Anytime an investor can find yield differentials in their favor with less volatility, chances are, cause I wear a silly grin, the moment you come into view. No wait! Chances are, in this case, going to be good that the “higher yield, less volatility” will win. The euro is seeing weakness this morning, but that could all be correction trades / profit taking, for this morning we saw German Industrial Production print for August, and show a rebound from July when it dropped -1.1%… August rose 1.4%. In addition, I saw a report from the Bundesbank, Germany’s Central Bank, where they were talking up the German economy, citing an extraordinarily good consumer climate, and a robust labor market.  Remember, Germany is the Eurozone’s largest economy by a wide margin, so the euro depends on the German economy a lot! The pound sterling’s rapid rise to 1.61 last week was short-lived, as I told you I thought it would be. The Fundamentals are still just rotten to the core in the U.K.  And with economic data that exposes the pound printing every day, the true value of the pound was soon to be revealed. This morning, the U.K. printed a very weak Industrial Production  (-1.1%) in August, along with an expanding Trade Deficit. Both of these reports were responsible for the next leg down for the pound this morning. See. Fundamentals do play in the value of a currency now and then! Of course, in the “old days”, Good times I remember. Fun days, Filled with simple pleasures. No wait! That song’s lyrics are about the “real good Old Days”, the “old days” I’m talking about here is pre-2007. When fundamentals were everything to a currency’s value. Someday Alice, we’ll get back there, and that’s why I get excited as kid at Christmas when fundamentals creep back into view. So what is Yellen going to bring to the markets that has everyone all giddy this morning?  Well, let’s see. The Fed would be in the hands of the very person that claims to be the architect of the Fed’s stimulus program.  So does that mean the stimulus continues under Yellen? The markets seem to think so right now.  She’s also reported to be the driving force behind the Fed’s strategy to commit the Fed’s goals to inflation and unemployment. So, that means, economists like Paul Krugman, who still thinks the Fed should be doing more QE to promote more inflation, will be happy.   And then there’s this last thought, for now that is. How does she feel about being the President’s “second choice”. (and probably third choice given the rumors that were circulating last week about the President courting Donald Kohn)?  If only Summers had kept that resignation letter to himself, eh? Keeping things as they were, are and will be. That’s what this all appears to be to me. And that, my friends is something I would prefer we would abandon. As I said above, less Central Bank involvement would be a good thing! Gold went right back to flip-flopping yesterday, and has lost ground by $7 this morning.  I saw a headline story on the Bloomberg this morning, that said, “Gold Drops in London Trading as Investors Assess Stimulus, Debt”  Really? Gold should drop because there’s uncertainty about whether the U.S. is going to default, or that the Fed will continue QE? That makes zero sense to me whatsoever!  So. here in the U.S. investors view Gold as a commodity that goes up and down on whatever is the “theme of the day”.  The rest of the world views Gold as a store of wealth, and do not get all caught up in the price, although they do seem to rush to the counter to buy more Gold whenever the price manipulators takedown the price of Gold!  I don’t know what it will take to get U.S. investors to change their view on Gold. But the world would be a better place if they did! And it’s Day 9 for the partial shutdown (PS). And no sign of any progress. I find this all to be somewhat embarrassing that our lawmakers can’t work together to come up with something that works to keep us from getting to this point. Know something else that’s embarrassing? They just banned post-game handshakes in Kentucky for the High Schools.  Really? Well. let’s see. Things are so slow at the U.S. Data Cupboard these days with the PS on-going, that we’re resigned to seeking out data that usually goes unnoticed. For instance, yesterday, the IBD/TIPP Index of Economic Optimism printed for October and the index which works just like the manufacturing indexes, in that a number below 50 represents a negative outlook, printed at 38.4.  The previous month’s number was 46.  So this data  might be low tiered, but it still is an indication that the economy is sinking. fast. Oh, and IBD stands for Investor’s Business Daily. and TIPP stands for TechnoMetrica Market Intelligent . So now you know what I know about this data series!  And if anyone is keeping score at home The NFIB Small Business Optimism Index fell last month too. So it doesn’t sound like there’s much optimism out there folks.  And I get accused all the time of being so negative.  HA! We will see last week Mortgage Applications today, along with the Fed’s meeting minutes from the last meeting in September, where they threw a cat among the pigeons by just saying “no” to tapering.  They tell me there was a lot of disagreement among the Fed Heads on that decision. So, the meeting minutes might have some good stuff in them, and then they might not, for I can’t believe the Fed Heads would stand up to Bernanke.  Just like they wouldn’t stand up to Greenspan. For What It’s Worth. It’s all me today folks. and some data from zerohedge.com and a long time reader friend in Houston. So, let’s not beat around the bush! A dear Pfennig Reader in Houston sent me a note a couple of weeks ago, and I had planned on talking about this then, but, thought I would save it for a special occasion. Well, there’s no other special occasion better than Hump Day. So, here we go.  Have you ever heard of Triffin’s Dilemma  or Paradox?  I looked it up, and this is what I found.  That this is all named after Belgian economist Robert Triffin, who pointed out that the country whose currency, being the global reserve currency foreign nations wish to hold, must be willing to supply the world with an extra supply of its currency to fulfill world demand for these foreign exchange reserves, but this would require an overflow of currency, thus diluting the value of the currency. This Paradox is playing out right before our eyes with the dollar, folks. I’ve told you for about 4 years now how China was taking steps to replace the dollar standard, i.e. the dollar as the reserve currency of the world. But when you look at the history of reserve currencies, you see that it might not take that much for China to do, given the dollar’s time is about up. And is getting shorter all the time, given the overflow of dollars on the world. For the 5 countries that held the status of reserve currency status for the 475 years prior to the U.S., the average time is 95 years. Now depending on when you start the clock on the dollar’s reserve status, it will determine the end date. But for my purposes I will use 1925 (it began but weakened during the depression), which would mean the dollar has held its reserve status for 88 years. That would mean average-wise, it only has 7 more years to go as the reserve currency. And, it just so happens that 3 years ago, I began telling people that the Chinese renminbi / yuan would take over as the reserve currency of the world by the end of the decade.  Hmmm, let’s do the math. 2013 +7 = 2020. 2010 +10 = 2020.  OMG!  Now. we all know that 7 more years is just using a historical average, it could take longer.  OR it could be a shorter time period!  Knowing all this, wouldn’t it behoove investors to allocate a portion of their investment portfolio outside of the dollar? I think so! Thanks for staying with me through all that. But there’s a lot of thought and work put into all that, so I hope you enjoyed it. Again I thank the data folks at zerohedge.com and long time reader, Dick A. in Houston! To recap.  It appears that Janet Yellen is to become the first female to head the Fed. The markets seem to like the rumors, but have they really thought about the fact that she was probably the President’s 3rd choice? The dollar is mixed today with the Antipodean currencies rising and the rest losing ground.  Gold is down $7 this morning, and the reasons are all mixed up in Chuck’s opinion. And Chuck gives us the lowdown on Triffin’s Dilemma. Currencies today 10/9/13. American Style: A$ .9460, kiwi .8315, C$ .9640, euro 1.3515, sterling 1.5965, Swiss $1.0990, . European Style: rand 9.9725, krone 5.9955, SEK 6.4645, forint 219.05, zloty 3.1045, koruna 18.9225, RUB 32.35, yen 97.30, sing 1.2515, HKD 7.7545, INR 61.94, China 6.1430, pesos 13.17, BRL 2.2105, Dollar Index 80.32, Oil $103.35, 10-year 2.62%, Silver $22.12, Platinum $1,390.00, Palladium $707.25, and Gold. $1,310.64 That’s it for today. Whew! I had a lot to talk about today. my fat fingers are tired! HA! I heard some sad news (for me & EverBank) yesterday. Our Marketing guru, Jason Coots, resigned. When Jason started (years ago) he used to go to every show with me, and we came up with some very good ideas along the way, and forged a friendship, where we could be very honest with each other over stuff. Good Luck Buddy.  Jr. Walker and the All-Stars are playing on the IPod right now, I think I’ll stop to sing along.. What does it take?  OK. back now. Today is the funding deadline on the last issue of the Evolving Markets MarketSafe CD. If you have an existing account, we’ll still take your instructions to open the CD for a couple more days. And downtown St. Louis will be very busy tonight, as it’s Game 5 at Busch Stadium, and our Blues are playing just west of the ballpark! Parking will be a problem downtown tonight! And with that, let’s go out and make this a Wonderful Wednesday! Chuck Butler President EverBank World Markets 1-800-926-4922 1-314-647-3837last_img read more

Imagine logging into your brokerage account tomorr

first_imgImagine logging into your brokerage account tomorrow and finding out that it’s frozen.Not just your account… every customer account at your brokerage is frozen.You can’t buy stocks. You can’t sell stocks. You can’t move money out of the account.Your account rep insists the money is still there. It’s just not available now. He doesn’t know when it will be.When you demand to transfer $25,000 cash out of the account, he says, “I’m sorry… the system won’t let me.”You ask to speak to his boss. She can’t help, either.This situation sounds absurd to most Americans. There’s no way a major broker could freeze your accounts, right?Wrong. It happened in 2011 to 38,000 people…And this wasn’t some no-name broker. It was a highly respected, 228-year-old firm. And Jon Corzine ran it. At one point or another, Corzine was a US senator, the governor of New Jersey, and the CEO of Goldman Sachs. Then he became the CEO of MF Global.MF Global handled stock and bond trading for some of Wall Street’s wealthiest clients.It was also one of only 18 “primary dealers” at the time. Primary dealers are a select group of brokers allowed to participate in the US Treasury auction. Citigroup, Morgan Stanley, and Goldman Sachs are also primary dealers.Like all US brokers, MF Global was required to keep customer cash and stock separate from its own corporate accounts. This rule is supposed to keep brokers from playing with customers’ money. But the rule only works if brokers follow it.In October 2011, account holders at MF Global started having problems withdrawing cash and transferring stocks. Turns out that their money wasn’t there. MF Global had made a series of bad bets in European bonds and illegally transferred $891 million in customer funds to cover its trading losses.Their cash was gone…Customers had to hire and pay for their own attorneys. For a while, it looked like they’d never get their money back. But in December 2014, MF Global finally agreed to return $1.212 billion to its former clients. It also paid a $100 million fine.You might be wondering how this sort of thing could happen…First off, you are not the legal or registered owner of the stocks in your brokerage account. You’re just the “beneficial owner.”Sure, you put the cash in your account. You logged in and “bought” Apple, GE, Verizon, and other stocks issued by sound companies. You did your homework because you worked hard for your money. Those investments are a key part of your retirement plans. You don’t make risky moves.And you work with a reputable broker. But your broker or a clearinghouse called Cede & Co. is likely the registered owner of “your” stocks.Here’s how it works…There are three basic ways to hold stocks: street name registration, direct registration, or physical certificate. Street name is the default. Unless you make special arrangements, this is how stocks are registered.Cede & Co., a subsidiary of The Depository Trust Company (DTC), is likely the registered owner of your stocks. You are not the registered owner. When you buy a stock, DTC holds those shares for your broker. Your broker, in turn, holds those shares for you.That means Apple, GE, Verizon, and the other companies whose stocks you hold have no record of you.If your broker mishandles your account, you can sue to get your money back. But, as MF Global customers discovered, it’s not easy. And there’s no guarantee you’ll win…If your broker makes a bad bet on Greece and uses your cash to settle the bill, you’re out of luck. Sure, it’s illegal… but laws didn’t stop MF Global. Customers had to take action, hire lawyers, and sue to get their cash back.Stable markets hide problems. In 2008, we saw how big problems can go unnoticed for years. A crisis reveals who’s stable and who’s just pretending to be. Some brokers and financial institutions are heavily leveraged. They’re especially vulnerable in a crisis. Some will not survive the next one.The MF Global fiasco is one of the most important financial stories of the past decade. It showed that the financial system isn’t as safe as you think it is. Even big, brand-name banks and brokerages with years of success can instantly go broke.The next financial crisis will bring many more shams like MF Global’s to light.
You can protect yourself by keeping plenty of cash and gold in a safe place… but not in a safety deposit box.And make sure to diversify across financial institutions. You don’t want to get stuck in a situation like MF Global customers did… waiting years for your money because some executive gambled away the company.P.S. Because this risk and others have made our financial system a house of cards, we’ve published a groundbreaking step-by-step manual on how to survive – and even prosper – during the next financial crisis. In this book, New York Times best-selling author Doug Casey and his team describe the three ESSENTIAL steps every American should take right now to protect themselves and their family.These steps are easy and straightforward to implement. You can do all of these from home, with very little effort. Normally, this book retails for $99. But I believe this book is so important, especially right now, that I’ve arranged a way for US residents to get a free copy. Click here to secure your copy.last_img read more